Gopalpur ports acquisition on the horizon for JSW Infra’s portfolio growth – Construction Week India
Adani Ports and SEZ are in discussions with Shapoorji Pallonji Group to acquire Gopalpur Ports in Odisha for an estimated equity value of Rs 1,100-1,200 crore. This potential acquisition aligns with Adani’s strategic plan, known as the string-of-pearls strategy, focusing on acquiring facilities along both the eastern and western coasts. The due diligence process is currently underway, and if successful, Gopalpur Ports will be Adani’s sixth multi-purpose facility acquisition on the eastern coast.
However, uncertainties surround the deal, and it remains unclear if an agreement will materialize. JSW Infrastructure has also expressed interest in the same asset, offering a higher enterprise valuation of Rs 3,000 crore, but the Mistry family, owners of SP Group, reportedly found the offering unsatisfactory.
The Gopalpur Ports, operational since 2015, holds strategic importance as it is situated between Paradip Port and Vizag Port and is connected to the Golden Quadrilateral through NH-516. The port’s enterprise value is approximately Rs 5,000 crore, with the Mistry family’s equity value at Rs 2,000 crore, according to SP Group’s earlier presentation to investors. Notably, the SP Group recently sold a majority stake in PNP Maritime Services, directing the proceeds toward repaying bondholders of a Rs 14,300-crore zero coupon bond.
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